Grains’ futures ended Friday’s session in mixed territory, Corn and Soybean futures ended the week in green while, Wheat closed lower.
In terms of weather news, expectations shows cooler-than-normal weather across most of the central U.S. especially throughout the weekend that could witness rain in Central Plains. Moreover, rainfall is expected in parts of Oklahoma, Kansas, and Nebraska through next Monday.
In oil space, oil prices rose on Monday as investors remained cautious over the supply outlook. However, the fallout from global trade tensions limited gains
U.S. Crude Oil fell slightly on Friday to trade at $69.00 a barrel while Brent declined to trade at $74.38 a barrel. On today’s session WTI was trading at 70.09 USD per barrel while Brent traded at 74.89 USD per barrel.
CBOT Wheat September prices fell on Friday to end the session lower at $5.30-2/4 a bushel, while it rose on Monday to trade at $5.40-1/4 a barrel at 11:00 GMT.
FranceAgriMer kept its estimations of France’s soft Wheat crop unchanged from a week ago, at 71 percent rated good-to-excellent. The consultancy also estimates that 88 percent of the crop has been harvested as of July 22, which is 64 percent higher than the week prior – putting the media harvest date ten days ahead of the five-year average.
In exports, Russian Wheat exports have started off hot so far in its 2018/19 marketing year, reaching 91.9 million bushels which is a 237 percent jump over the same period last year.
Preliminary volume estimates were for 172,728 CBOT contracts, falling moderately beneath Thursday’s final count of 231,907.
CBOT Corn September contract rose on Friday to end the session higher at $3.62 a bushel, while on Monday it rose to trade higher at $3.66 a bushel at 11:00 GMT.
In exports news, Private exporters announced to USDA the sale of 10.6 million bushels of Corn for delivery to unknown destinations for the 2018/2019 marketing year.
Moreover, French consultancy FranceAgriMer kept its assessment of the country’s current Corn crop last week, with 71 percent rated good-to-excellent.
China sold 38.1 million bushels of its 2014 and 2015 state Corn reserves at auction Friday, which was 24.4 percent of the total available for sale.
CBOT Soybean futures also ended Friday’s session in green at $8.70-1/4 a bushel. Meanwhile, it rose on Friday to trade higher at 8.75-3/4 at 11:00 GMT.
In exports news, Private exporters announced to USDA the sale of 5.7 million bushels of soybeans for delivery to unknown destinations during the 2018/2019 marketing year.
Over in Brazil production costs are expected to be 10 percent higher than last year, Brazil’s upcoming soybean crop could reach a record of 88.96 million acres for 2018/19, up 3 percent from the previous year.
Preliminary volume estimates were for 119,303 contracts, less than half of Thursday’s final count of 254,291.